Hinckley & Rugby are back and doing what we do well – supporting borrowers with more specific needs.
In our latest extension of our specialist mortgage offering, Hinckley & Rugby are very pleased to reveal a new range of products specifically designed to meet the needs of modern borrowers whose income requires more understanding than a simple average of payslips or SA302s, together with borrowers who want to maximise their borrowing potential through enhanced income multiples.
2022 has been a tough year for borrowers and brokers alike, and it is likely there are more choppy waters to come. In a turbulent economy, Hinckley & Rugby recognises the need for crystal clear criteria designed for those whose circumstances don’t fit rigid processes or scoring models.
Income Flex is Hinckley & Rugby’s competitive product solution for your clients who have the earnings or earning potential but need to flex their income’s muscles in order to reach the desired loan size.
More quick and flexible lending solutions from Hinckley & Rugby – flexing to meet the needs of you and your clients!
What is Income Flex?
Available up to 80% LTV as standard and 90% LTV for selected professionals, the Income Flex products will fly the flag for Hinckley & Rugby’s flexible approach to assessing income streams that require a little more time and understanding in order to maximise the borrowing that can be secured.
Having developed a strong reputation in this area over the years, Hinckley & Rugby are proud to be able to enhance our criteria once more to continue serving borrowers with fewer mortgage options.
But while we are really proud to support borrowers with more complicated incomes, we have not stopped there.
As part of Income Flex, Hinckley & Rugby are also offering borrowers who meet standard income criteria an opportunity to maximise their borrowing potential via enhanced income multiples up to 5.5.
Income Flex has been designed to evolve with borrower requirements so keep a look out for future Income Flex announcements.
Who is it for?
Income Flex will accommodate a combination of up to two of the following income types for affordability purposes:
- Declining profits or loss years
- Most recent year’s accounts
- Borrowers who only have one year’s accounts
- Projected income
- Day rate contractors (day rate multiplied by 46 weeks)
- Fixed term contractors with less than 12 months remaining on a contract that hasn’t been renewed
- Short term contractors
- CIS contractors treated as PAYE
- Sports professionals
- Use of net profit and salary
- Bank or locum work and UDA (units of dental activity) contracts for medical professionals
- Up to 100% of bonus or commission income
- 100% of a second income
- Up to 100% of benefit income
- Income from umbrella companies
- Employees still in a probationary period
- Up to 50% of investment income
- Zero hours contracts with 12 months’ evidence
In addition to the above, Income Flex also permits borrowers meeting Hinckley & Rugby’s standard income criteria to apply for an income multiple up to 5.5 for the two highest earners.
Additional lending criteria may apply. See Income Flex in more detail.
Why is Income Flex different?
Hinckley & Rugby has been a popular choice for borrowers with more unusual or complicated incomes for years.
Using our daily Mortgage Referrals Committee, our expertise in this area has developed quickly turning us into true specialists when it comes to assessing and understanding different incomes.
The result is a proposition offering these types of borrower a generous, yet affordable, mortgage solution.
With this knowledge, we want to make each broker’s path to application as smooth as possible by cementing the income challenges we most commonly see into our published lending criteria. In a fast-changing market this will mean more brokers getting faster decisions for their client.
Meanwhile the Mortgage Referrals Committee will still very much be there for those enquiries that still don’t quite fit lending criteria.
Where can I find out more?
To learn more about Income Flex, and whether your client would be eligible, please speak to our Intermediary Sales Team – our wait times to speak to someone are often only seconds.
Call 01455 894 084 Mon-Fri, 9am-5pm or speak to us online via Live Chat.
